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Bulgarian Economy Grows 3.9% in 2016

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Bulgarian Economy Grows 3.9% in 2016

(October 5, 2017 Sofia) Bulgaria's economic growth for 2016 is 3.9%, the national statistical institute has said.
This has been the highest economic growth since the financial crisis of 2008. Preliminary calculations had suggested that the economy would grow by not more than 3.4% by December 2016.

In 2016, Bulgaria generated BGN 94.13 B from goods and services, meaning that export and domestic consumption are the main pillars of the country's economy.

Statistics show that in 2016 the export rate grew by 8.1% and amounted to BGN 60.22 B. Preliminary calculations suggested it would grow by not more than 5.7% by the end of last year.

End consumption in Bulgaria grew by 3.3% in 2016, owing mostly to the 3.5% growth in household consumption.

In terms of business investments, however, the picture is far less optimistic – last year saw these shrinking by 6.6%. Experts had said business investments would shrink by not more than 4% at the end of 2016.

More worryingly, business investments dropped by another 4.6% in Q1 2017 and by one percent in the second quarter.
In the period January-August 2017 the direct foreign investments in the Bulgarian economy total EUR 431.8 M, which is a drop by 55% year-on-year.

Yet, the country's economy is set to grow in 2017 as well – the registered growth in Q 1 is 3.5% and in Q 2 – 3.6% y/y.

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